TRADE ASSOCIATIONS – India, Europe’s EFTA Free Trade Pact to triple gem and jewellery exports, GJEPC says

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The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) has opened immense opportunities for the Indian gem and jewellery (G&J) sector to enhance its exports to untapped EFTA countries, especially to Switzerland.

EFTA countries have removed customs duties on the entire chapter 71 (Gem and Jewellery products), enabling Indian exporters of gemstones and jewellery to have duty free access in all the EFTA countries – Switzerland, Iceland, Norway and Liechtenstein. 

Vipul Shah, Chairman, GJEPC, said: “I extend my gratitude to the government of India, particularly to Shri Piyush Goyal, Hon’ble Minister of Commerce & Industry, for incorporating GJEPC’s recommendations in the India-EFTA Trade and Economic Partnership Agreement (TEPA). The $100 billion bilateral trade pact has opened up immense opportunities for Indian gem and jewellery manufacturers to broaden their export prospects in the EFTA region.

“It will also pave the way for new and larger FTAs with many other European countries. I am sure that exports of gem and jewellery products to the EFTA group will scale up from US$335 million to at least US$1 billion in the coming times. I believe there is a huge scope for exporting fine gold jewellery and silver jewellery with high gloss and matte finishes, as well as luxurious diamond and coloured gemstone jewellery.”

TRADE ASSOCIATIONS – India, Europe’s EFTA Free Trade Pact to triple gem and jewellery exports, GJEPC says

Vipul Shah